Common Vacation Rental Property Owner Mistakes

Are you getting started in the vacation rental business in Summit County, Colorado?

Or are you simply looking to learn how to improve your return on investment (ROI)?

If you are, then you’ve come to the right place.

When it comes to the vacation rental business, there are a lot of things to consider. Marketing, calendars, taxes, regulations, welcome baskets, cleaning fees – the list goes on and on.

 

 

As you have probably heard before – success is the result of hard work and failure. That said, we advise you to skip the latter part and focus more on the former.

With that in mind, here are 8 common vacation rental owner mistakes to avoid.

 

Mistake #1: Not writing a good description.

Your vacation rental’s description should be detailed as much as possible. However, don’t make it too wordy, as most guests will choose to skip it altogether. The perfect description should be anywhere between 300 and 400 words.

When writing the description, make sure to:

• Describe the property’s suitability for certain groups as couples, family reunions, kids.
• List all amenities room by room.
• Specify bedroom info and setup. For example, the size of the beds.
• Detail the type and size of the property. For example, if it’s a 2,500 sq. ft. home or a 4-bedroom villa.
• Highlight the property’s selling points in the first sentence.

 

Mistake #2: Writing a lackluster headline.

There are certain things your headline should convey. A good headline should:

• Express the uniqueness of the home
• Clearly define the type of property
• Specify the distance to a nearby attraction (i.e. ski slopes, theme parks, beach access)
• Highlight special amenities or features (i.e. Wi-Fi, BBQ grill, deck, hot tub)

Include all these details in about 70 characters or so.

 

Mistake #3: Failure to hire a professional photographer.

This is a mistake that one too many vacation rental property owners make. “A picture speaks a thousand words” – this adage couldn’t be more accurate. Quality images draw the attention of a prospective guest much quicker.

 

 

In fact, high-quality photography has become so important that professional and drone photography have become industry practice.

Thus, to have a competitive advantage, invest in a high-quality photography service. While it’ll cost you a little bit of money, it can go a long way in increasing bookings.

 

Mistake #4: Overlooking to list on multiple channels.

One of the responsibilities of a vacation rental owner is to list their property on multiple channels to help increase the exposure it gets, which should also improve your bookings.

Some of the top vacation rental listing sites include Airbnb, HomeAway, VRBO, Booking, TripAdvisor, Homestay, and OneFineStay.

Additionally, there are many softwares that are available to help you list across multiple channels with a click of a button.

 

Mistake #5: Not asking for reviews.

Guest reviews are something the vacation industry can’t live without. A review can make or break your vacation rental investment. In fact, 78% of consumers think other travelers’ online reviews are vital for deciding where to stay.

This is why no vacation rental host can afford to ignore asking their guests for a review.

The following are a couple of ways to ask a guest for a review:

• Leave visual reminders around the property. These can be in the form of flyers or stickers. When done properly, they can help remind your guests to leave feedback about their stay.
• You could ask directly. When checking out, find out whether they enjoyed their stay. If affirmative, have them consider writing a review.
• You could wait until the guest has left. You could then reach out to them and ask them to write an honest review of their stay.

 

Mistake #6: Overlooking insurance.

Do I need special insurance for my vacation rental?

This is a question many new landlords often ask themselves.

 

 

Yes, you need special insurance coverage for your property.

A landlord policy is designed for a tenant-occupied property, while homeowners insurance is designed for an owner-occupied home.

Just like other covers, vacation rental insurance helps cover damage, loss or theft on the property.

 

Mistake #7: Having a slow response time.

Having a slow response rate is one of the quickest ways to ruin your vacation rental business. Many years ago, responding to inquiries within 24 hours was considered the industry’s best practice.

However, today the responses need to come quicker than that. As a savvy host, try to respond no later than in one hour.

 

Mistake #8: Leaving your amenities list incomplete.

Make your listing as detailed as possible. This means ensuring to itemize all amenities and property attributes. These should include things like:

• Safety devices (i.e. fire extinguisher, carbon monoxide detector, smoke detector)
• Parking availability
• A detailed list of outdoor equipment
• Heating and air conditioning
• Bathroom essentials and comforts

 

The bottom line

The aforementioned are 8 common mistakes that all rental property owners should avoid at all costs. Doing so will help you stand out from the competition, and therefore get more engagements for your vacation property.

 

 

If you’re looking for a professional vacation rental property management company to ensure that you avoid these costly mistakes, don’t hesitate to contact us today!